NEW YORK (TheStreet) -- Anadarko Petroleum (APC) reported a 76% drop in second quarter net income, due in large part to the $5.15 billion it paid to settle environmental pollution charges, posting net income of $227 million, or 45 cents per diluted share.
However, excluding the settlement and other one-time items, the company reported earnings of $1.32 per share, 3 cents better than analysts had anticipated.
The independent exploration and production company reported a 13% rise in daily oil and gas sales to 848,000 barrels of oil equivalent per day.
Anadarko shares are up 0.7% to $109.98 in after-hours trading on Tuesday.
TheStreet Ratings team rates ANADARKO PETROLEUM CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate ANADARKO PETROLEUM CORP (APC) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."
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